Results & Dividends

FBN Holdings Reports Solid 1Q24 Results

May 29, 2024/FSDH Research Key Performance Highlights: After delivering robust all-around performance in FY23, FBN Holdings maintained positive momentum and published solid 1Q24 results. The 1Q24 gross earnings surged 181.4% YoY to N730.3 billion compared to N259.5 billion in 1Q23, while the operating profit grew to N238.5 billion in 1Q24, […]

Nigerian Breweries Plc Q1-24: Resilient in the Face of Challenges

May 28, 2024/Cordros Report In this report, we update our views on Nigerian Breweries Plc (NB) for 2024E. Despite a challenging macroeconomic environment, NB demonstrated resilience with an 84.2% y/y revenue growth in Q1-24, driven by product innovation, inflation-led price increases, amid a weak base in Q1-23 which was characterized […]

Guinness Nigeria Plc Q3-24: Huge FX Loss Wipes Impressive Topline Gains

May 28, 2024/Cordros Report We review our estimates and update our views on Guinness Nigeria Plc (GUINNESS) over the rest of 2024E. In Q3-24, GUINNESS showcased resilience in its topline performance (+43.8% y/y) driven by higher selling prices, improved product offerings, and a sustained focus on premium segments amid subdued […]